Insider Moves: AirAsia Group Bhd, DPS Resources Bhd, E.A. Technique (M) Bhd, Industronics Bhd, Jade Marvel Group Bhd

TheEdge Tue, Mar 16, 2021 02:00pm - 1 month ago


Notable filings

BETWEEN Feb 22 and 26, notable shareholding changes at companies listed on Bursa Malaysia included those at AirAsia Group Bhd, where Hong Kong-based investor Dr Stanley Choi emerged as a substantial shareholder.

Choi, an expert in mergers and acquisitions and one of the founders of private equity fund Yunfeng Capital, subscribed for 167.1 million AirAsia shares or 4.5% of the group’s share base on Feb 18. This increased his stake in the airline to 8.96%.

Choi’s subscription was part of a private placement exercise that AirAsia has embarked on to raise RM454.5 million through the issuance of 668.39 million new shares. The sum indicates a price of 68 sen per share.

The emergence of Choi as a substantial shareholder appears to have boosted investor interest in the stock, given that from Feb 22 to last Wednesday, AirAsia’s share price had jumped 20.4% to 94.5 sen, valuing the group at RM3.5 billion.

Over at DPS Resources Bhd, substantial shareholder Biotrend Resources Sdn Bhd disposed of 38.5 million shares or 5.5% of the furniture maker’s share base between Feb 18 and 22. Following the disposals, its stake in DPS decreased to 7.7% or 54.1 million shares.

Biotrend Resources disposed of another two million shares on Feb 24, further trimming its stake in DPS to 7.4% as at March 1. The largest shareholder of DPS is Datuk Seri Dr Sow Chin Chuan, with 30.73% equity interest.

DPS reported a net profit of RM3.3 million in the first half of the financial year ending March 31, 2021 (1HFY2021), compared with a net loss of RM511,000 in the previous corresponding period. Over the past year, the stock had appreciated 73.3% to close at 13 sen last Wednesday.

Over at E.A. Technique (M) Bhd’s (EATech), Datuk Lim Chai Beng disposed of 2.93 million shares between Feb 22 and 24. This represented 0.55% of the offshore vessel chartering company’s share base.

Lim, the largest shareholder of CB Industrial Products Bhd, first emerged as a substantial shareholder of EATech in May last year after increasing his stake to 5.05% by acquiring 852,800 shares. His remaining shareholding was not disclosed by the group and he continues to be a substantial shareholder of EATech.

As at May 18, 2020, EATech’s largest shareholder was Sindora Bhd — a subsidiary of Johor Corp — with a 50.05% stake, followed by Datuk Ir Abdul Hak Md Amin (16.25%) and Lim (5.3%). EATech’s share price had declined 24.6% year to date to 21.5 sen last Wednesday.

Notable moves

The share price of Industronics Bhd jumped 134% during the week in review to 48 sen per share, giving the electronics company a market value of RM63.84 million. The stock closed at 47 sen last Wednesday.


On Feb 18, Kevin Chan Ka Leung ceased to be a substantial shareholder of Industronics after disposing of 17.5 million shares or 13.2% of its share base. The Hong Kong citizen emerged as a substantial shareholder on March 25, 2019, after subscribing for a private placement of 10.3 million shares or a 10% stake.

At Jade Marvel Group Bhd, formerly known as JMR Conglomeration Bhd, e-wallet developer X Infinity Holdings Sdn Bhd emerged as a substantial shareholder after acquiring 12.6 million shares in an off-market transaction on Feb 24.

Jade Marvel’s shares jumped 17% between Feb 22 and 26 to RM1.23. However, the share price had declined to RM1.07 last Wednesday, valuing the company at RM136 million.  

 






Related Stocks

AIRASIA 0.850
BURSA 8.460
CHUAN 0.595
DPS 0.125
EATECH 0.170
ITRONIC 0.280
JADEM 1.080

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